Discuss the applicable federal tax laws and regulations
Course:- Business Law and Ethics
Reference No.:- EM131209013

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Business Law and Ethics

1. Evaluate any damaging financial and ethical repercussions of failure to include the inventory write-downs in the financial statements. Prepare a recommendation to the CFO, evaluating the negative impact of a civil fraud penalty on the corporation as a result of the IRS audit. In the recommendation, include essential internal control procedures to prevent fraudulent financial reporting from occurring, as well as the major obligation of the CEO and CFO to ensure compliance.

2. Examine the negative results on stakeholders and the financial statements of an IRS audit which generates additional tax and penalties or subsequent audits. Assume that the subsequent audit and / or additional tax and penalties result from the taxpayer's use of an inventory reserve account, applying a 10 percent reduction to inventory over three years.

3. Discuss the applicable federal tax laws, regulations, rulings, and court cases related to the inventory write-downs, and explain the specific relevance of each to the write-down.

4. Research the current generally accepted accounting principles (GAAP) regarding stock option accounting. Evaluate the current treatment of the company's share-based compensation plan based on GAAP reporting. Contrast the financial benefits and risks of the share-based compensation stock option plan with the financial benefits and risks of a share-based stock-appreciation rights plan (SARS). Recommend to the CFO which plan the company should use, and provide the correct accounting treatment for each.

5. Research the reporting requirements for lease reporting under GAAP and International Financial Reporting Standards (IFRS). Based on your research, create a proposal for future lease transactions to the CFO. Within the proposal, discuss the use of off-the-balance sheet financing arrangements, capital leases, and operating leases, and indicate the related business and financial risks of each.

6. Create an argument for or against a single set of international accounting standards related to lease accounting based on the global market and cross border leases of assets. Examine the benefits and risks of your chosen position.

7. Examine the major implications of SAS 99 based on the factors you discovered during the initial evaluation of the company. Provide support for your rationale.

8. Analyze the potential for a material misstatement in the financial statements based on the issues identified in your initial evaluation. Make a recommendation to the CFO for the issuance of restated financial statement restatement. Identify at least three significant issues that can result from the failure to issue restated financial statements.

9. Examine the economic effect of restatement of the financial statements on investors, employees, customers, and creditors.

10. Use five quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Business Law and Ethics) Materials
Research the issues surrounding the Guantanamo Bay detainees and post an initial post supporting your side of the case. Keep in mind your focus should be on the legal issue
Why might a society choose banishment as a way of dealing with criminals rather than corporal or capital punishment? Is banishment more or less humane than corporal or capit
Discuss the major differences between an opinion letter, a legal memorandum, and a legal brief. Next, identify the primary audience of each legal document, and discuss the p
What is the most jealously protected kind of speech, according to the court in this case? What court decided the case in the assignment? Explain - state the facts of this case
For the organization and the issue you have chosen, explain how Public Relations should address both the organizational and societal audiences and what public relations tool
LEA 339,LEA339, LEA316, LEA316:Discuss about case and give your response.Budget cuts have continued consistently for the past 8 years at the local level. They have even affec
1. How do neighborhood characteristics effect juvenile delinquency? 2. Why is the interlocking nature of gender, class, and race so important in understanding female delinquen
What is contractual unconscionability? Do you agree with the Tillman majority or dissent? Do you think the trial, appeals or high court's decision could have been affected